Li Auto reported a net loss of RMB 641 million ($95.7 million) for the second quarter of 2022 on Monday, a sharp widening from the RMB 235.5 million loss recorded during the same period last year, as the Chinese electric vehicle maker’s operations faced hits from the Covid-19 pandemic. Revenue for the quarter rose 73.3% year-on-year to RMB 8.73 billion but declined 8.7% from the first quarter. The automaker forecast third-quarter delivery in the range of 27,000 to 29,000 vehicles, referring to monthly deliveries of 9,300 vehicles at most for August and September, lower than July’s 10,422 units, as its new L9 SUV cannibalized sales of its first model Li One. [Li Auto release]
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